Artificial Intelligence (“AI”) is understood as a superpower. Why? Because anything that works towards effectively reducing human involvement while functioning through human intelligence is understood to have extraordinary powers. This can include AI’s ability to produce astral projection through the metaverse, or to produce telekinesis through big data and machine learning. This is just the tip of the iceberg as this is a universal basic. AI is perceived as a technology that helps in increasing productivity and enabling human-machine interactions.
There is a tremendous growth of AI in various sectors targeting cost reduction, especially in the law field. Intellectual Property (“IP”) attracted major AI software due to its global implementation and efficiency. The IP industry has significantly worked towards advancing its functions for precision, cost reduction, efficiency, regulatory requirements, customer service, etc., through AI. AI worked towards three main areas in the IP industry: (i) IPR registration, evaluation, and access; (ii) Intellectual Property Asset Management; and (iii) Assistance in the IPRs Enforcement Phase. These areas have given rise to significantly reducing the cost involved in the IP industry.
Let’s break down IP functions and their AI software replacement for cost-saving in order to prepare the industry for the future:
- Improve the process of patent applications including petitions, requests for consideration, and petition decisions. Petition.ai helps patent attorneys and patent agents to search the documents filed with the United States Patent and Trademark Office and find petitions which deal with similar issues or similar patterns. This will help save clients money by analyzing the probability of a request for reconsideration of denial or dismissal.
- Research database on patents that allows the inventor to establish novelty before commencing the cost process of drafting and filing a patent application. This step is crucial in the IP industry because it gives a list of already existing patents in the market. Cintian helps inventors overcome this process by providing a strong AI clearance tool that cross-refers inventions in the market saving millions of dollars in manual patent searching.
- Managing your own invention is also a tedious and time-consuming task. This task is usually given to patent attorneys and patent agents to ensure regulated infringements of the invention. So, Triangle IP brings an AI software that does not need a patent expert for navigation of their patent, but rather helps the inventor capture, track, and manage their own innovation without friction. It is a user-friendly interface that helps the inventor manage the process through capturing, vetting, drafting, and filing stages. This completely eliminates the cost of hiring a patent expert.
- Managing trademark infringements can be another tedious task as the proprietor needs to survey the market or come across third-party using their trademark resulting in infringement. Mike TM Search enables proprietors to search trademarks across all 45 classes using the power of AI. It can automatically identify all permutations that are similar to the proprietor. It can also provide customized reports all the while helping the proprietor search and obtain data on their marks. Since the software is user-friendly, it enables cost savings for trademark experts.
- Modification of software based on the proprietor’s needs in overlapping IP. GreyB Services provides SLATE which works towards the customization of categories of patents with overlapping features with other patents available in the market. It can run clearance searches at ultra-fast speed. It also helps in highlighting patent documents, cutting the data noise, and helps in collaborating in real-time with in-house and outsourced teams, and displaying the progress in one place. It has a highly collaborative ecosystem. This reduces substantial costs of litigation proceedings for overlapping patents and patent experts.
This has been written by Mansi Aggarwal during her internship with MikeLegal.